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US dollar strengthens against major currencies while waiting for Friday's news

The US dollar shows strong stability against major currencies. At the same time, most market participants are being careful amid expectations on the employment report in the US non-agricultural sector, which is scheduled to be released on Friday.


The long-awaited report may become a determining factor for the further development of the Fed's monetary policy. Market analysts predict an increase in the number of jobs by 685 thousand in June compared to 559 thousand in the previous month, as well as a drop in the unemployment rate by 5.7% compared to 5.8 in May.

Earlier, the US dollar showed a permanent upward trend for several weeks in a row. This trend emerged immediately after the results of the Federal Committee meeting were summed up, namely when Fed representatives announced a possible two-stage increase in interest rates for 2023.

Experts believe that the potential for a positive surprise in the report on the employment of the American population, which will become an incentive to tighten monetary policy, is becoming more and more clear for investors every day.

They have no doubt that the number of jobs exceeding the level of 700 thousand can seriously affect the exchange rate of the US dollar. If this happens, it is unlikely that there will be those who want to hold significant positions on the dollar.

In fairness, it should be noted that the number of jobs in the report should approach the 1 million mark for another tangible shake-up of the rate curve in the US and the currency markets as a whole.

In addition to Friday's report, currency market participants will also monitor US consumer confidence data, which is scheduled on Tuesday, as well as the level of the manufacturing index from the Institute for Supply Management, which will be released on Thursday. Both sources of information will be able to give investors a general idea of the future direction of interest rates.

The material has been provided by InstaForex Company -